U.S. taxpayers with more than $1 million incomes and owing more than $250,000 in taxes will be stringently scrutinized under a new collection initiative announced Friday by the Internal Revenue Service.
The IRS will contact about 1,600 taxpayers in this category who owe hundreds of millions of dollars in taxes, according to an agency statement.
“By the end of the month, the IRS will open examinations of 75 of the largest partnerships in the U.S. that … each have more than $10 billion in assets,” an agency spokesperson stated.
The new initiative is funded by the Inflation Reduction Act, which allocated billions to the IRS, according to a CBS News report.
A portion of the funds appropriated for IRS use will be used for identifying millionaire tax evaders. The IRS plans to deploy “dozens of revenue officers” in fiscal year 2024 to focus on high-value collection cases.
The Inflation Reduction Act of 2022 allocated $80 billion to the IRS. More than half of that amount is designated for hiring more enforcement agents.
Hellbound and Down 
Starting with everyone in Congress and SSE in the Government.
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